India total private companies I Govt stikes off 10,113 dormant companies; 65% pvt companies filed statements in FY20 timesnownews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesnownews.com Daily Mail and Mail on Sunday newspapers.
Cicero a Roman statesman, lawyer, scholar and Academic Skeptic, many eons back, had said “A budget should be balanced, the treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt”. Are there lessons to be learnt from his wisdom in the just announced budget?
Since the time every conceivable activity was disrupted by the Covid pandemic, thousands of jobs have been lost and businesses have collapsed. GDP contracted like never before. Any budget presented in its aftermath would have been fraught with dangers. That the budget presented, did boost the people sentiment and expectations is credit to the government.
Synopsis
The government proposes to strengthen the NCLT framework, implement the e-courts system and alternate methods of debt resolution and special framework for MSMEs.
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This budget gives a boost to the overall process of doing business in India and creating new business opportunities domestically.
This year s budget was most-awaited because of what it could do to bring the economy back on track . The budget has addressed several key concerns and multiple other aspects, specifically from the perspective of providing ease of doing business in India and inviting more investments.
For startups, the tax holiday and capital gain exemption have been extended till March, 2022. To provide additional benefits to innovators, the restrictions on the paid-up capital and turnover of One Person Companies (OPCs) have been removed. Also, the director s residency criteria have been reduced from 182 days to 120 days. Now, NRIs will be allowed to incorporate OPCs in India. These relaxatio
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India s newest amendments to its Design Rules will hugely
benefit startups and small entities seeking to obtain design
registrations. The amended Design Rules now recognize Startups as a separate category of applicants and have
reduced the overall filing and prosecution fees for small
entities.
These amendments are in line with amendments made to the Patent
Rules and various other initiatives taken by the government to
promote entrepreneurship and in particular, startups in India. The
Patents (Second Amendment) Rules, 2020, notified in November 2020,
reduced the filing and prosecution costs for applicants who were
Lighter compliance burden, easier debt resolution for small companies
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Synopsis
With a focus on ease of doing business, the government would take up decriminalisation of compoundable offences under the Limited Liability Partnership Act, Sitharaman said.
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The minister also announced changes to the rules governing one-person companies (OPCs).
More companies are set to benefit from a lighter compliance burden as the finance minister has proposed to revise the definition of a small company under India’s corporate laws.
Also, firms will find it easier to resolve their debt, and the mergers and acquisitions space will likely see increased activity, as Nirmala Sitharaman said the government would introduce alternative methods of debt resolution including a special framework for micro, small and medium enterprises, along with measures to strengthen the National Company Law Tribunals.